We must acknowledge that the 2026 Amendment is a correction that was much-needed, even if implemented through a blunt approach.

Subhkam should never have been transplanted: SAST and IBC pursue divergent objectives, the SAT order was non-precedential by direct Supreme Court fiat, and the positive-control reading under-includes the negative-control defaulter-promoters Parliament meant to capture.

The piece examines NCLAT's May 2026 dismissal of Vedanta's challenge to Adani Enterprises' INR 14,535 crore resolution plan for Jaiprakash Associates, where a bid gap of over INR 3,000 crore was left on the table due to the Process Note's bar on post-challenge modifications.